Buying the Lifestyle – Not Just the Home!

In addition to the convenience of being steps from just about everything, there are plenty of amenities to keep you right at home.   There is a lounge, a fitness center which is very complete.  There is also a spa,  a pool and media room as well as a terrace. There is room service through the hotel as well as maid service.  A jitney whisks commuters to the Metro-North Train Station which is about 0.5 miles from the complex.  Everything is close at hand and very convenient.

The Ritz Carlton Residences of White Plains NY:

The floorplan is open and the floor to ceiling windows expose magnificent views of the Long Island Sound or the Manhattan Skyline.  The kitchens are open and boast walnut cabinetry and Viking appliances, including a wind fridge.   The master bath has Aurora Rose Marble throughout and Kohlar fixtures. There are walk-in closets with custom storage systems  in the Master BR.  Ceilings are generally 9 ft in height giving a feeling of added space with 10 ft ceilings in the penthouses.

The Ritz Carlton – White Plains NY – Pricing and Sales History:

The official opening of the Ritz Carlton could not have happened at a more inauspicious time for the Westchester Housing market.  The complex opened at the end of 2007 – just as the fall out from  the sub-prime loan debacle was hitting the fan.  Sales were sluggish though  the sales volume indicated my figures are artificially low since like most new construction – most sales though done through agents dose not end up on the MLS.  Prices actually inched up during 2008.  But once the financial crisis of 2008 and the stock market crash happened – prices started to fall – reflecting the rest of the market.

The chart below depicts the pricing patterns for 2 BR units at the Ritz from the time of the construction of the first tower in late 2007.   The red bars depict the market before the crash in 2008 and the green bars reflect pricing in the years following.  The median sales price is down about 38% from the highs in 2008.  Some very high-end units made their way into that mix in 2008. So in an apples to apples comparison, the prices are down about 25-30% depending on the type of unit.  Over the past 18 months prices have held steady and have even edged up just a bit.

Right now this is not a buyers market paradise. Sales volume is up 35% from 2010 (from 13 to 20 units sold) which is a good indicator or a recovery in progress.  Buyers need to get real. I’ve been getting a lot of lowball offers at the Ritz and Trump.  Its not that kind of market.  Buyers already have 25-30% savings baked into the cake and a stable market.  You are still getting a great deal.  But pushing the envelope will not fly. Sellers can get market value and do not have to entertain lowball offers.

Sellers need to be realistic. It will be a while before they see the heady prices of 2008. If you need to sell, bite the bullet.  Don’t wait for prices to move up 25-30% – it could be a very long wait.  Nevertheless, if your unit is in good condition, you can expect to get market value for your unit.

For the Latest Information On Sales and listings at the Ritz Carlton:

For the latest on sales stats and current listings  -  feel free to contact  me by phone – (914-374-5529) or email – ( Ruthmarie.Hicks@gmail.com) or  you can simply fill out the form below – whichever method you prefer.  Don’t worry  – I do not sell, spam, or otherwise abuse your information!
[contact-form]

© 2012 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

So after we saw the development, I went for a walk on the RiverWalk that runs right behind the complex.  (The complex – now in Phase II is right on the river.) and took some photos.  Basically I started with a wide-angle lens and moved to  a tele photo.

The first picture is of the Tappan Zee Bridge.  The Manhattan skyline can be faintly seen under the bridge with the wide angle. The second picture was with a zoom lens – it gives you a perspective of where the Manhattan skyline is in relation to the TZ bridge.  The final was when I zoomed in on the skyline itself.  I’ve taken photos from this perspective before, but it was such a clear – if blustery  day, that the skyline really “popped” particularly with the color of the sky.

Hope you enjoy these – they were fun to take.

© 2012  - Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Sales Price History at Trump  Tower White Plains NY

The chart below depicts the sales price history at Trump White Plains.   The red bars represent the years before the crash through 2008.    The green bars depict the years following the crash and the bar in purple represents the present year which has over one quarter left to it.  As you can see, sales prices peaked in 2006, right after the complex opened. Prices remained high, but not as high through 2009.  Then the sharp drop in median price from $775,000 to $670,000 happened in 2010. Since that time prices have made some additional drop of about 3.7% but sales volume indicates that prices are stabilizing.

Sales Volume at Trump Tower White Plains NY

The sales volume tells the story.  Trump is definitely selling well this year which is a strong indication that prices have hit that sweet spot where they contracts are being made and are holding together.  After plummeting in 2009 – sales were back with in 2010 – and are standing strong in 2011.  Although sellers have to be realistic – so do buyers.  I’m seeing a lot of low-ball offers that lose in the end.  If everyone is realistic – there’s plenty of great buying opportunities.

© Ruthmarie G. Hicks -http://thewestchesterview.com – All rights reserved.

Recently, I’ve had quite a few buyers interested in the Ritz Carlton – but many are confused about the pricing thinking that the inventory overhang is a recipe for a falling knife in terms of prices.  These are uncertain times and I understand some of the concern, but you have to look at more than the number of units that have yet to be sold.  This is particularly true of new construction.  You have to look at demand – whether it is increasing or decreasing as well as trends in actual sales prices.

Sales Price History at the Ritz Carlton White Plains:

The chart below depicts the sales price history.  The red bars are the two years – from the opening of the Ritz – to the crash of 2008.  The green bars depict the years following the crash and the bar in purple represents the present year which has over one quarter left to it.

The pricing shows something far more robust than perhaps many potential buyers were hoping for.  Prices dropped sharply as the knife fell in 2008.  But 2010 show prices inching up and that trend has continued in 2011.

Sales Volume at the Ritz Carlton White Plains:

But the proof is really in the sales volume.  Sales volume had already collapsed in 2008 and actually increased slightly in 2009. But there was a surge in sales in 2010 which has continued into 2011.   Sales this year are only one unit shy of the  entire 12 months of 2010.  There are also several pending sales with another quarter to go.

Listen up buyers… There are two issues here:  They involve price and cost.  And quite frankly – in both cases,  you have won the real estate lottery! Plain and simple – it doesn’t get much sweeter than this.  The price increases are not stalling sales volume – so you might be wise to get while the getting is good.  Prices are still off their highs.  The second issue is interest rates.   Affordability is where it was when Eisenhower was president.  If you are under 40, I promise you that you do not understand what an amazing gift these interest rates are.  You will – when they are gone – and once they are gone it is unlikely that you will ever see anything like this again in your lifetime.

As for inventory overhang – a large overhang is expected in new construction.   Now that the units are selling again – it is not an issue, nor does it appear to be dragging prices down.  You can not put new construction in the same category as resales – where a large volume of homes does impact the market.   The market for high-rise units in Westchester was pretty scary for a while, but these stats point to a pretty robust situation.

For more detail feel free to visit my web page:  The Ritz Carlton.

In the meanwhile – I’m seeing condo after condo and coop after coop nixing dogs.  Complexes that were once an oasis for those in need of a home that will take their beloved dog have put up MORE restrictions not less.  The same holds for rental complexes.

Westchester Condos & Coops & Pets:

I’m going to be very blunt.  Westchester condos and coops  are about the MOST pet UN-FRIENDLY places imaginable.  Manhattan, Riverdale, most of the Bronx, Queens and Fairfield county are ALL more flexible than Westchester are all more pet-friendly than Westchester.  Personally, I’m sick to death of seeing – “no restrictions” chaining to “restricted weight” or “no dogs.”  We already have a crisis I think it is unconscionable  that complexes are making this matter worse.

Dogs are not filthy dirty creatures that are going to turn a complex into a slum.  But it seems as if it only takes one disgruntled resident to turn a complex from pet-friendly to “no dogs” in an instant.  And the places that allow pets….some ban specific breeds in an almost random way, some will let you have a bull mastiff but God forbid someone brings in two Yorkies.  The ban on more than one dog is counterproductive because two dogs together are more likely to be quiet when an owner is absent.  (Dogs are social – so canine company will keep them happy and quiet).  In other words, it would be helpful if those who made the rules about pets actually understood something about dogs.

About one year ago I got an email from a newly elected board member from a complex on Garth Road in Scarsdale.  She was crowing about how she was the new head of the coop board and noticed that I had written a blog back in 2007 about “her” complex being pet-friendly.  She wanted me to rewrite the blog to reflect the new rules – because the complex no longer allowed dogs and offered to send me the offering plan about the rules of the house – so I could be more accurate in future.   She was very proud of these  new rules and felt they would make the complex more “upscale.”

She got a very chilly response from me:

First – my interest in “her” complex began and ended with the pet-friendly factor as I had a lot of clients who have dogs.  I would not be promoting or writing about the complex in the future since had nothing more to offer than any other complex on Garth Rd. and in fact less -since there were far nicer complexes on that Street.

Second -  this new rule was nothing to be proud of.  The dogs were disturbing no one in that building.  I had been in and out on many occasions and hardly heard a sound.

Third – The dated carpeting and wallpaper in the common spaces  (c.1985) was a huge turnoff to my buyers who would tolerate it because they could have their beloved pets with them.  So I suggested that they were on the wrong track if they thought that banning dogs would take care of this issue.

And no – I wasn’t editing blogs like that.

The point is that we have a desperate situation.  Dogs have been a part of my life since I was a small child and they are amazing companions.  In this hard economy, Westchester condos and cooperatives that allow pets – with the appropriate rules in place – will have a real edge in attracting buyers – which is good for EVERYONE including the pets…It’s time to rethink the draconian rules.

© 2011 – Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

So what gives?

Did 10 families living at Trump suddenly say “I’m outta here?”  No. All save one of these listings trace back to Mr. Cappelli’s headquarters in Valhalla.  The last units that have not been sold are on the market now.  Most of these units were on the market at various times over the past four years.  This time, the asking price has been reduced significantly.  They range from $565k – $1.449 million.

The Downtown White Plains Condo Market:

Added to the 10 listings already on the market at Trump (most of them resales) this doubles the number of listings currently on the market.  Since only five units have sold so far this year – with two currently under contract, these new listings create an inventory overhang of about 26 months  at Trump.  Taking the downtown collectively, including Trump Tower the Lofts and the listings at the Ritz Carlton – the high end downtown condo market in general has about 19 months of inventory overhang.

People trying to sell to sell their units in the resale market have a tough road ahead.  This amount of inventory can definitely be an issue because buyers will have plenty to pick from and can afford to be choosy. If you are selling under these conditions  you need to price your unit realistically.   For buyers, this is an opportunity.  The prices have been trending downward.  With this inventory on the market, and prices lowered -the entry point at Trump has never looked better.

Further Reading:

Trump Tower White Plains

White Plains NY Housing Market Statistics – Second Quarter 2010

White Pains NY Housing Market Statistics – First Quarter 2010

Selling Your Condo or Coop

© 2010 Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

The Residences at Jefferson Place in Downtown White Plains NY.

Jefferson place is a new and very desirable complex located in downtown White Plains. The complex spans an entire square block between Livingston Ave and Rutherford Ave in White Plains NY.  The side facing Mamaroneck Ave is an eight-story urban mid-rise with a sophisticated brick façade. The Greenridge Ave  side of the complex  is built in low rise “town house” style which is in keeping with the suburban  neighborhood of the Highlands which it borders. Jefferson Place is just steps away from all the shopping and dining that downtown White Plains has to offer.

Just across the street on the Mamaroneck Ave. side there is plenty of fine dining, take out and retail – all within easy walking distance of the complex. The heart of the downtown with all it has to offer is just a stroll down the street. Walk to almost everything: Shopping entertainment, fine dining and so much more. Walk score is 92 out of 100 – making it a “walkers paradise.”

For more still photos of this wonderful unit please click here.

This Luxury 1 BR/Home Office Unit Offers:

• Over 900 s.f.
• Separate home office area.
• Excellent living space with a great layout.
• Hardwood floors.
• Modern granite kitchen & baths.
• Private laundry in unit.
• Walk-in-closets –  ample storage.

Jefferson Place Amenities:

Jefferson Place is well-known for the amenities in its common space. It offers luxury touches that are generally only  found in condo complexes with far higher price points. These include:

• 24 hour doorman.
• Indoor parking
• Club Room.
• Media Center.
• State-of-the-art gym.
• Business and conference center.
• Central AC.

#ws-walkscore-tile{position:relative;text-align:left}#ws-walkscore-tile *{float:none;}#ws-footer a,#ws-footer a:link{font:11px Verdana,Arial,Helvetica,sans-serif;margin-right:6px;white-space:nowrap;padding:0;color:#000;font-weight:bold;text-decoration:none}#ws-footer a:hover{color:#777;text-decoration:none}#ws-footer a:active{color:#b14900}

Find out your home’s Walk Score:

Cost of living:

* Current Listing Price: $389,900.
* Property Taxes: $4635 without STAR.
* STAR Savings:  $1525.
* Monthly Common Charges/Fees: $483.
* Monthly Mortgage: $1772*
* Gross Outlay: $2514.

Net Outlay After Taxes:

$2044/month**

* Conservative estimate includes FULL list price. Also assumes conservative 5.5% 30 year fixed rate loan with 20% down payment. Includes STAR savings.
** Assumes 28% marginal tax rate and fixed rate loan sighted above.

© 2010 Ruthmarie G. Hicks, http://thewestchesterview.com. All rights reserved.

There was one distinct caveat…they wanted to a dog – and they wanted a German Shepherd.  Now this is a challenge.  But let’s face it – I’m a sucker for anyone with a dog.  After all, I have three goodly sized canines myself in the form of 2 Siberian Huskies and a Husky/Cattle Dog mix.

Dogs are tough sale to condo and cooperative boards:

But here are the facts: Its tough enough to find a condo or cooperative that will accept dogs – but  a German Shepherd is much tougher.  Even if the complex accepts larger dogs many are restrictive with respect to breeds.  The German Shepherd, Rottweiler, Akita, Pit Bull, and from time to time my beloved Siberian Huskies are often on the chopping block specifically by condo and coop boards.   Why?  These dogs are supposedly known to have attitude problems such as a tendency to attack/bite, over-protectiveness and the like.

To me, as an animal person who understands dogs quite well – (I’ve lived with 8 dogs over the course of my life)  I think that boards would do better to concentrate their efforts on the individual dog and its owner rather than the breed itself.  After all, dogs, like their human counterparts have individual personalities.  My two pure huskies are like night and day personality wise.   The owner also plays their part.  Aneglectful owner who doesn’t care about those living around them can turn the sweetest and most agreeable dog into a nightmare for his neighbors.

For Buyers with dogs – flexibility is an absolute must:

For Allison and Frank, it was slow going.  The readily expanded their geography to accommodate  the dog.  We toured complexes in White Plains, Pelham, New Rochelle, Scarsdale, Hartsdale,  Dobbs Ferry and Tuckahoe in search of a condo or coop. We had some false starts – one where we got to inspection and there were too many problems.  It took a WHILE.   But we eventually found a great unit for them to call home.  I have to say of this couple that they had forbearance.  It was the height of the loan logjam and getting to a closing table was like living a nightmare. Closing dates got cancelled over and over – generally over “one sheet of paper.”  But eventually we closed and they were able to move in.

I got an update in the fall…they have a new addition to the family named  “Charlie.” A German Shepherd puppy.  So now the family of three are settled in their pet-friendly home.  Of course Charlie will never know what his parents went through to provide him with a roof over his head, but I’m sure he will pay them back handsomely with the unconditional love that pets bring to their owners.

There is a lesson here for people with pets.  As you can see from the geography we covered, there is a need for flexibility when you have a pet.  This is particularly true for multiple dogs or/and a large breed – particularly if its a breed that is traditionally “problematic.”  It CAN work, but the first priority has to be whether the pet will be accepted.  If you want your pets – you have to start there and then try to work in other things that are on your wish list.

© 2010 Ruthmarie G. Hicks, http://thewestchesterview.com.  All rights reserved.

Note the newly reduced in price! Initially $474,900 now $469,000. This unit is the most competitively priced 2 BR unit at Jefferson Place. The sellers are serious and are inviting serious offers.

Jefferson Place:

300 Mamaroneck Ave & 31 Greenridge Ave. White Plains, NY 10605:

The Residences at Jefferson place is a large condo complex in downtown White Plains in the coveted 10605 zip code. The complex spans on square block between Livingston Ave. and Rutherford Ave. in White Plains, NY with units on 300 Mamaroneck Ave. and 31 Greenridge Ave. The side facing Mamaroneck Ave. is an eight-story urban mid-rise with a sophisticated brick façade. Jefferson Place is just steps away from all the shopping and dining that downtown White Plains has to offer. The other side of the complex on Greenridge Ave. gives a bow to the suburban neighborhood of the Highlands that it borders.

Just across the street on the Mamaroneck Ave. side there is plenty of fine dining, take out and retail – all within easy walking distance of the complex. The heart of the downtown with all it has to offer is just a stroll down the street. Walk to almost everything: Shopping entertainment, fine dining and so much more. Walk score is 89 out of 100.

For additional still photos of this unit, follow this link.

Jefferson Place Amenities:

Jefferson Place is known for its amenities. It offers luxury touches found in condo complexes with much higher price points. These include:

• 24 hour doorman.
• Indoor parking – this unit has a prime assigned spot.
• Club Room.
• Media Center.
• State-of-the-art gym.
• Business and conference center.
• Central AC.

This Luxury 2 BR/2BA Unit

• Over 1100 s.f.
• Private end unit with great views.
• Large bay window with city panorama.
• Hardwood floors.
• Modern granite kitchen & baths.
• Walk-in-closets – LOTS of storage.
• Full-sized laundry in unit.

This is a terrific unit and its the location in the complex that makes it special. The views are excellent throughout. It is an end-unit with plenty of cross -ventilation and unencumbered views. The large bay window keeps everything bright and sunny. The location is very private as well.

COST OF LIVING:

• Current Listing Price: $469,000.
• Property Taxes: $7087.32 without STAR.
• STAR Savings: $1675.02.
• Monthly Common Charges: $552.07.
• Monthly Mortgage: $2130.34.*
• Gross Outlay: $3,133.44.

Net Outlay After Taxes:
$2,528.59/month**

* Conservative estimate includes FULL list price. Also assumes conservative 5.5% 30 year fixed rate loan with 20% down payment. Includes STAR savings.
** Assumes 28% marginal tax rate and fixed rate loan sighted above.

© 2009 Ruthmarie Garcia Hicks. http://thewestchesterview .com All rights reserved.

Just across the street on the Mamaroneck Ave. sid e there is plenty of fine dining, take out and retail – all within easy walking distance of the complex. Iannelli’s , a local Italian favorite is directly across from the Mamaroneck Ave. side. Going to either the Westchester Mall, Fortunoff, Whole Foods or the Cheesecake factory it is easy to leave the car behind and take a short walk.

Built in 2005, this complex offers state-of-the-art luxury. As such, it is no bargain. But it offers convenience, luxury and perks at a lower price than can be had at the Ritz Carlton or Trump. Among other things, Jefferson Place offers on-site parking (you can buy an extra space), laundry in each unit, central air conditioning, a 24-hour concierge, a workout room with state-of-the-art equipment, a media room and a business center. The units are beautifully appointed with granite countertops, and stainless steel appliances, luxurious master suites and more than ample closet space. The living room areas sport hard-wood floors with carpeting for the bedrooms.

The unit:

This particular unit is on the Mamaroneck Ave. side of the complex and boasts views of downtown White Plains. Bright and sunny, this 750 sq.ft. unit has all the amenities that Jefferson Place is famous for. Gleaming hardwood floors in the living area, granite in the kitchen and bath a spa-sized bathroom along with walk in closets all contribute to the feel of luxury. Built in late 2005, the complex is 3.5 years young. The appliances are in nearly new condition as is everything else in the unit.

Vital Statistics:

1BR/1BA, 750 sq.ft.

Asking Price: $370,000

Monthly maintenance: $381.48

Yearly taxes: $4821.17 – $1675.02 (STAR savings) = $3146.15

Total Monthly outlay excluding mortgage: $643.66

For additional Still Photos of Jefferson Place and this unit – view the photo-set of this unit on Flickr.

The Cost of Living:

The unit is listed for $350,000. Assuming a 20% downpayment along with a 5.25% loan would create a monthly mortgage payment of $1634.00 and $683 for maintenance and mortgage when you include STAR savings. After tax deductions – the outlay amounts to roughly $1800 a month – which is highly competitive with local rentals.

Pet-Friendly Condo:

The Complex allows all dogs up to 60 lbs. – making it a very pet-friendly complex.

© 2009 http://thewestchesterview.com All rights reserved.